AMERIGO RESOURCES LTD - ARREF STOCK NEWS

Amerigo Resources Ltd. (TSX: ARG; OTCQX: ARREF) announces the completion of repairs at Minera Valle Central (MVC) in Chile, resuming full production from fresh and historic tailings on July 22, 2023. The plant was reconnected to Chile’s central power grid on July 21, 2023. The company's President and CEO, Aurora Davidson, expressed pride in the swift response of the team and highlighted the minimal lasting impact on the business and the security of the quarterly dividend. Despite a 3% reduction in annual copper production guidance due to the flooding, the original molybdenum production guidance remains unchanged.

Operations at Minera Valle Central (MVC) in Chile have been temporarily disrupted due to power line damage caused by heavy rains. No injuries or accidents were reported, and the impact on production is expected to be limited. MVC has already taken steps to restore power and secure alternative energy sources while repairs are made.

Amerigo Resources Ltd. (ARREF) reported a strong operational quarter for Q1-2023, producing 16.5 million pounds of copper, exceeding guidance by 4.5%. The cash cost improved to $1.91 per pound, which is 11% lower than planned, primarily due to increased molybdenum credits. A notable return of $5.5 million was made to shareholders, marking the sixth consecutive quarterly dividend and the repurchase of 1.6 million shares. The copper price rose to $4.02 per pound, the highest since Q2-2022. By March 31, cash reserves stood at $43.9 million, with a significant reduction in debt to $24.5 million. Production from fresh tailings composed 61% of output, with the company maintaining an annual production target of 62.3 million pounds of copper. A planned nine-day maintenance shutdown is expected in May.